Legal Question in Wills and Trusts in New Jersey

will

My grandfather passed away - I am the executor of the will and my mother the beneficiary of his life insurances. All other property willed to me including stocks and bonds. From what my grandfather told me is that the will does not have to be probated. There is no real estate and no bank accounts only stocks and bonds worth approximately $10K and a car that is worth about $2000. He has credit card bills and a bank loan that total about $20K. Does the money that my mother receives from the life insurances have to be put in an estate account to pay any creditors or is that her money?? Do I need to open up an estate checking account? I live in Florida and don't know how I am going to handle this will in NJ. Do I need an attorney? I really don't have the money for an attorney. How do I finalize this estate?? I have never done this before and have no clue. Do I have to take a trip to NJ to go to the courthouse?? Please help - Thank you


Asked on 1/14/05, 9:56 pm

2 Answers from Attorneys
Bernard J. Berkowitz Berkowitz & Raiken

Re: will

If your mother is the named beneficiary on the life insurance, all they need is a death certificate. If the stocks are in your grandfather's name alone, you need to probate the will in order to sell the stock and get the money. However, the money does need to be used to pay the debts. The debts would be paid if they file a formal claim with six months of the probating of the will. You probably should have an attorney from the county your grandfather lived in at the time of his death. If it is North Jersey, I can help you.

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Answered on 1/17/05, 10:38 am
Walter LeVine Walter D. LeVine, Esq.

Re: will

I concur with Bernard, and the procedure can be simplified in 2 ways, depending upon the County in which your grandfather resided at his date of death. Some NJ counties allow the papers to be processed through the mail, and a personal appearance may not be required. Without the probate, you cannot re-register the stocks and bonds or sell the car, unless you are already named in the certificates of ownership. I can help you, but I need more information; particularly in which County the probate would take place. A local attorney can do most of the work once you are appointed. Contact me directly for more information.

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Answered on 1/18/05, 4:57 pm


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